Overall, I am still of the belief that further pullback here would be a good thing, and I cringed when I saw the market gap up today. After going through my scans last night, I was shocked that I really just didn't see many that interested me. They just weren't there. I saw some stocks that were beginning to look parabolic like JKS (which was done 9% today off Wednesday's reversal), NZ (down 6% today, and ARMH from today. I took all of this as a sign that stocks needed more rest and therefore I remain in cash.
Right now, I have seven stocks on my watchlist. If you viewed my weekend video, you may be able to figure out which they are. Some have formed nice flag patterns the past few days and I am interested in entering, but I would really like a few more days of rest so their 9 day moving averages could catch up to the price. My numbers are still bullish and the follow-through day from last week is still doing well, so there is no reason to be bearish - I just want to see some consolidation.
I wanted to share a few observations/thoughts/changes that have been emailed to me or commented on in respect to the pocket pivots video from earlier this week. I did state in that video that this will be a process of fine-tuning and that's what I've been trying to do here over the past few days. I thought the best way to update what has been discussed is by making a short video, so here it is. Changes to the scans are below. I am optimistic because recent recommendations from Kacher matched up with the Telechart indicators pretty well.
To see the video in HD, please click "720p" and "Full Screen" on the video bar - HD will be available after processing.
New 9 Day Moving Average Scan: C1 > (XAVGC9 * .98) AND C1 < (XAVGC9 * 1.01)
New "Uptrend Scan" - XAVGC9 > AVGC50 or XAVGC9 > AVGC20
For PP Indicator - Add Indicator (Percent True) and put this in the box: (C > C1 AND V > ABS(C1 < C2) * V1 AND V > ABS(C2 < C3) * V2 AND V > ABS(C3 < C4) * V3 AND V > ABS(C4 < C5) * V4 AND V > ABS(C5 < C6) * V5 AND V > ABS(C6 < C7) * V6 AND V > ABS(C7 < C8) * V7 AND V > ABS(C8 < C8) * V8 AND V > ABS(C9 < C10) * V9 AND V > ABS(C10 < C11) * V10) AND (C1 > (XAVGC9 * .98) AND C1 < (XAVGC9 * 1.02))